Post by
lccommoner on Jan 13, 2025 5:21pm
Syrah's Void
Gorilladome47 wrote, "The only question now is who can step up and fill the void left by Syrah's demise...that's the only question that matters."
Syrah Resources provides additional information in their news release today, January 13, regarding their US $165 million tax credit. The following is copied in part.
Syrah Technologies was selected for the 48C Tax Credit from more than 350 applications for the second US$6 billion round of the 48C tax credit program under the IRA and based on DOE’s recommendation.
"Under the IRA, the 48C Tax Credit can be monetised for cash through its transfer, in part or whole, to a third-party US federal taxpayer and/or utilised to offset federal corporate income tax liabilities of Syrah Technologies. To claim the 48C Tax Credit, Syrah Technologies must satisfy certain requirements set forth in Section 48C of the Internal Revenue Code including meeting prevailing wage and apprenticeship requirements, satisfying certain certification requirements associated with the 45ktpa AAM Vidalia facility within a two-year period, and placing the 45ktpa AAM Vidalia facility into service within the two-year period following such certification.
Whilst focussing on cost management, Syrah is progressing transition engineering, permitting and other long-lead procurement activities for the Vidalia Further Expansion project ahead of a final investment decision (“FID”) to be considered by the Syrah Board. Commercial AAM sales from the 11.25ktpa AAM Vidalia facility and significant customer commitments are vital for the Company to finalise project financing and will determine FID timing. Detailed engineering, long-lead items and other procurement, and construction activities will follow a Syrah Board approved FID sequentially."
NOTE: Panasonic supplies GM and Tesla. Are these players part of the equation? Appears ducks starting to line up (i.e. "Ducks In A Row"). Whether they all swim "together" and what other possible ducks added to the row are some of my questions.
Do your own DD.
LC